Senator Cynthia Lummis recently said cryptocurrency will play an important role in the US economy unless the opportunity is squandered.
Lummis, a strong advocate of crypto-friendly legislation, believes that recent victories in Congress signal a promising future for the sector.
In recent years, pro-crypto lawmakers like Lummis have worked tirelessly to educate their peers about digital assets.
“When I went to the US Senate, no one knew anything about digital assets, no one knew the difference between Bitcoin and altcoins. So, we have been working tirelessly to educate Senate members.”
Lummis, along with Senator Kirsten Gillibrand and others, established a financial innovation group and a framework to regulate the cryptocurrency sector.
She highlighted Bitcoin’s role as a store of value and medium of exchange, which has contributed to its growing adoption globally. Factors such as inflation have pushed users to use Bitcoin as a hedge and store of value.
Lummis also highlighted the growing awareness of Ethereum, which she said is a blockchain capable of supporting multiple applications.
The U.S. cryptocurrency market has made significant progress recently, including the SEC’s approval of spot Bitcoin and Ethereum ETFs. Additionally, multiple pro-cryptocurrency bills have also been advanced in recent weeks, indicating a more favorable regulatory environment and bipartisan cooperation.
One notable legislative success was the House’s passage of the 21st Century Financial Technology and Innovation Act (FIT21), which had support from some Democrats.
Additionally, the Senate voted to repeal the SEC’s Staff Accounting Bulletin (SAB) 121, making it easier for banks to become custodians of cryptocurrencies.
As the US Presidential election nears, the narrative around cryptocurrency continues to grow, with optimism high about further progress and integration of digital assets into the economy.
